Repsol Makes Russia’s Biggest Discovery in 2 Years

Repsol makes two new hydrocarbon discoveries in western Siberia that, combined, make for Russia’s largest hydrocarbon find for two years.

Spain’s Repsol reported Monday that it has made two new hydrocarbon discoveries in the Karabashsky 1 and 2 blocks in western Siberia, Russia.

Repsol said that the finds could add 240 million barrels of oil equivalent to the company’s reserves tally – which, according to Russia’s Ministry of Natural Resources and Environment, would means they amount to largest discovery in Russia for two years.

Repsol said the wells that found the hydrocarbons, Gabi-1 and Gabi-3 on the Ouriyinskoye field, were drilled using innovative drilling and seismic techniques developed by the company.

The firm added that for the last three years it has beaten its own resource addition targets that it outlined in its 2012-2016 strategic plan.

During 2013, Russia contributed 14,600 barrels of oil equivalent per day (boepd) to Repsol’s production. The firm said that this has risen to 17,640 boepd in 2014 with the start-up of new wells on the firm’s Syskonsyninskoye in the Khanty-Mansiysk region of Russia.

240 million barrels of oil “equivalent?”
Ah, excuse me whilst I ejaculate over this one!

Oops, just saw JR beat me to the punch there – well, I’ll send anyway just to heap a little more scorn on this sort of tripe.

HARM on Mon, 23rd Jun 2014 6:39 pm

Dudes, looks like Peak Oil just got cancelled (again).

And the press will of course jump all over this as evidence of just that, and an unquestioning innumerate general public will just accept it as fact.

So the beat goes on…

rockman on Mon, 23rd Jun 2014 7:41 pm

Now, now boys. Let’s not get too pissy. LOL. No one field on the planet, including Ghawar, makes a f*cking difference. It’s the collective effort of thousands of fields that will save us. And at last count I don’t think they found a thousand or so 250 million bbl fields in the last few years.

Newfie on Mon, 23rd Jun 2014 7:50 pm

That is just 3 days of world oil consumption (we are burning 80 million bpd).

peterjames on Mon, 23rd Jun 2014 8:39 pm

“could add 240 million boe”, “hydrocarbons, boe (doesnt say oil”. I wouldnt be moving the peak oil date 3 days out into the future if I was you guys”

Makati1 on Mon, 23rd Jun 2014 10:27 pm

Any hydrocarbon is a good hydrocarbon, IF it is profitable to recover. Russia is solidifying it’s power position in Eurasia every day.

Perk Earl on Mon, 23rd Jun 2014 11:26 pm

Yeah, but most non-oil savvy people will read it and think, “Oh we’ve got enough for many decades to come. I’m not going to worry about oil anymore.” lol

forbin on Tue, 24th Jun 2014 6:00 am

oh well seems the game of “oil battleships” goes on ….

We’ve just found another destroyer when we’re wanting to find another aircraft carrier ……

We found one long ago , aren’t we playing with 2 in this game?

Forbin

PS: Boe is useful , but as I found out the General public and Economists in general do not know the difference between crude oil ( api40/45) and BoE……

Juan Pueblo on Tue, 24th Jun 2014 9:25 am

240 million barrels of oil equivalent, not oil, as noted by other commenters above, is less than three days of global consumption. And that is their best hope, not actual future production, either. While this is good news for Repsol and Russia, it is completely irrelevant to the rest of us.